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survey of economics

Questions and Answers of Survey Of Economics

What evidence suggests that economically relevant aspects of culture differ among countries?
What are some aspects of culture that are relevant for economic behavior?
The table below shows the probability that a mother in a given part of the income distribution (given by the row)will have a daughter in a given part of the income distribution (given by the column).
What is the relationship between a poor person’s perception of economic mobility and his or her desire to see a high level of redistributive taxation? How would the degree of redistributive
How would the availability of student loans to finance education influence the relationship between inequality and the accumulation of factors of production? In particular, how would student loans
Many companies are working to perfect“distance learning” technology, by which a single professor can teach students at dozens or even hundreds of colleges and universities.Using the framework of
In a certain country, the population consists of five blue people and five green people.Each green person has an income of $1 per year. Each blue person has an income of$3 per year.a. Draw the Lorenz
What is economic mobility? How is it related to income inequality?
What does the history of the Americas tell us about the sources of inequality and inequality’s effect on economic growth?
How does income inequality affect the efficiency of production?
How does income inequality affect the accumulation of physical and human capital?
What are some possible explanations for the rise in income inequality in the United States over the last three decades?
How do the distribution of characteristics and the return to characteristics interact to determine the level of income inequality in a country?
How is the Gini coefficient constructed? What values of the Gini coefficient correspond to perfect equality and perfect inequality?
How are poverty and inequality related?
Consider an extension of the Solow model from Chapter 3 to encompass a second type of capital, called government capital, which consists of publicly funded infrastructure such as roads and ports. Let
A country is ruled by a wise, unselfish, absolute dictator. The government collects a tax on wages and spends the money on a public good. There is no corruption, nor are there any political
The supply and demand curves in a particular market are given by the following equations:Demand: Q = 100 - P Supply: Q = P, where P is the price of the good and Q is the quantity supplied or
Coffee is primarily made from two different beans, Arabica and Robusta. The beans grow in different countries. Suppose that in the year 2008, a major scientific study finds that drinking coffee made
Use a diagram like Figure 6.4 (page 157) to analyze the theories of causation running between income per capita and the quality of government that are discussed in Section 12.4 of this chapter.
For each of the following government actions, explain where it fits into the discussion of the rationales for government policy listed in Section 12.1. What market failure, if any, does the policy
What are some explanations for the positive correlation between GDP per capita and the quality of government?
What are some of the reasons why governments do things that are bad for economic growth?
What is a conflict trap and why is it relevant for economic development?
What is the equity-efficiency trade-off?
What market failures are often cited as justification for government intervention in the economy? In each case, explain how economic policy can address the market failure.
What is the difference between positive and normative analyses of government economic policy?
A recent study has concluded that the tariff on the import of widgets has raised real wages in the domestic widget industry. Based on this finding, it has been suggested that tariffs be raised in all
Suppose that the world consists of 10 countries.The countries are identical in terms of their levels of technology and efficiency, their quantities of factors of production, the preferences of their
People in a particular country that is closed to trade consume only cheese and bread. They always consume one slice of cheese with one slice of bread. It takes one labor-hour to produce a slice of
Consider the case of an economy that is perfectly open to the world capital market, as examined in Section 11.3. Suppose that the world rental price of capital, rw, doubles. By what factor will the
Consider the model of an economy open to capital flows that was presented in Section 11.3.How will an increase in the growth rate of population, holding constant the saving rate, affect GDP per
Give an intuitive explanation as to why higher saving rates are not associated with higher levels of GDP in an economy with perfect capital mobility, but they are in a closed economy. Does this mean
A U.S. citizen takes a temporary job in France.How are the wages counted in U.S. GNP and GDP?
Why is openness to trade similar to a form of technology?
What possible sources of comparative advantage would lead a country to export a particular good?
How does domestic production change when a country becomes open to international trade?
What determines the types of goods that a country imports and exports?
If an economy is perfectly open to capital flows from the rest of the world, how is the level of GDP related to the saving rate?
What factors have led to the increase in globalization over the last 200 years?
How can the law of one price be used to assess the degree of economic integration of two countries?
The total number of workers in the economy is L. The only difference between the sectors is that in Sector 1 workers are paid their marginal products, whereas in Sector 2 they are paid their average
The production functions in the two sectors are:Y1 = L1 1/2 Y2 = L2 1/2 where L1 is the number of workers employed in Sector 1 and L2 is the number of workers employed in Sector
Consider a country in which there are two sectors, called Sector 1 and Sector
In the two-sector model of an economy(described under the heading “Misallocation of Factors Among Sectors” in Section 10.3), use a diagram like Figure 10.3 to show how a minimum wage in the urban
Which of the five types of inefficiency described in the chapter do you think is most economically significant in the country that you know best? Explain why and give examples.
Give two examples of real-world inefficiencies(that are not given in the text), and for each one, explain which of the five categories of inefficiency it most closely corresponds to.
Looking at the calculation in Section 10.1, suppose that efficiency in India were equal to that in the United States. Based on the data on the countries’ relative productivity and the growth rate
Perform a calculation similar to that in Table 10.1, using the following data: The level of productivity in Country X, relative to the United States, is 0.5. The growth rate of technology is 1% per
There are two countries, X and Z. Productivity in Country X is twice as high as productivity in Country Z. Technology in Country X is four times as high as technology in Country Z. How does
What are the conditions under which free movement of workers between sectors will achieve an efficient allocation of labor?
List and briefly define the five types of inefficiency discussed in the text.
How does the evidence from the textile industry support the view that differences in efficiency among countries can be quite large?
How does knowing the technological “gap”between two countries allow us to infer differences in their levels of efficiency?
What is efficiency? How are efficiency, technology, and productivity related?
Do you expect the pace of technological progress to speed up, slow down, or remain constant over your lifetime? Explain your reasoning.
But technological progress takes place at different speeds in the two industries. Specifically, An b = 2%, and An c = 1%, where these growth rates of technology are exogenous.a. What quantities of
Suppose that people consume only two goods, cheese and bread. They consume these two goods in a fixed ratio: One slice of bread is always eaten with one slice of cheese. Both cheese and bread are
The price elasticity of demand for a good measures how much the quantity of the good demanded responds to a decline in the good’s price. Specifically, the price elasticity of demand is the ratio of
The technology for cutting hair has changed little in the last 100 years, whereas the technology for growing wheat has improved dramatically. What do you think has happened to the relative prices of
Over the period from 10,000 b.c. to a.d.1, world population is estimated to have increased from 4 million to 170 million.Assuming that the level of income per worker was constant, the quantities of
Given that technological progress proceeds at different speeds in different sectors of the economy, what implications do these differences have for the growth rate of aggregate output?
How does the current level of technology affect the ability of current researchers to produce technological progress?
Why is the technology production function characterized by decreasing returns to scale?
What was the productivity slowdown? Was it necessarily caused by a slowdown in the growth rate of technology?
When did the Industrial Revolution take place?What were some of the most important industries affected? Why was it revolutionary?
Assume that the two countries have labor forces of equal size.a. Using this function, solve for the steady-state ratio of technology in the leading country to technology in the follower country
Consider the two-country model of Section 8.3.Suppose that the cost-of-copying function is:mc = mi a A1 A2 b-b, where 0 < b
Consider the two-country model of Section 8.3. Suppose that gA,1 7 gA,2 and that the two countries are in steady state.Now suppose that Country 2 raises the fraction of the labor force that is doing
Consider the two-country model of Section 8.3. Suppose that gA,1 7 gA,2 and that the two countries are in steady state. Suppose now that Country 1 raises the fraction of the labor force that is doing
Consider the one-country model of technology and growth that was presented in Section 8.3. Suppose that L = 1, m = 5, and gA = 0.5. (These numbers are not meant to be realistic but rather are chosen
Consider a country described by the onecountry model in Section 8.3. Suppose that the country temporarily raises its level of gA.Draw graphs showing how the time paths of output per worker (y) and
The monopoly pricing that results from patents is often criticized, especially in the case of lifesaving prescription drugs. What are the advantages and disadvantages of patent laws in this
For each of the following goods, indicate whether the good is rival or nonrival and whether it is excludable or nonexcludable.a. national defenseb. a cookiec. access to a password-protected web site
How does the existence of appropriate technology or tacit knowledge impede the transfer of technology from rich to poor countries?
How does the effect of raising the fraction of resources devoted to R&D differ in a follower country compared with a leading country? Why are the effects different?
What are the short-run effects of an economy’s devoting more resources to R&D? What are the long-run effects?
What is a patent? How do patents affect the incentives of firms to do R&D?
What factors influence a firm’s decision to engage in R&D?
What does it mean to say that technology is nonrival? What does it mean to say that technology is often nonexcludable?
How does technological progress differ from the accumulation of factors of production as a source of economic growth?
The data on human capital we used throughout this chapter measured the number of years of schooling attained by members of each country’s working-age population. However, countries differ in the
The following table provides data on the annual growth rates of output, physical capital, and human capital per worker for three countries. For each country, calculate the growth rates of
The following table provides data on output per worker, physical capital per worker, and human capital per worker, all relative to the United States. For each of the three countries listed, calculate
Consider the following data, which apply to countries X and Z in the years 1975 and 2010.In both countries, the production function(in per-worker terms) is y = Akah1-a, where a = 1/3.Country Year
Consider the following data on the fictional countries of Sylvania and Freedonia. The production function is y = Akah1-a, where a = 0.5.a. Calculate the level of productivity, A, in each country.b.
If a country’s physical and human capital both double over the course of 100 years, and output increases by a factor of eight, by what factor does productivity increase during this time?
Draw similar diagrams showing the following two situations:a. Country 1 has both higher output per worker and higher productivity than Country 2, but it has a lower level of factors of production
In Figure 7.1, panel (c) shows the case where Country 1 has higher output than Country 2 because it has more factors of production and higher productivity than Country
How important are factor accumulation and productivity in explaining differences in income growth among countries?
How important are factor accumulation and productivity in explaining differences in the level of income among countries?
What is the difference between development accounting and growth accounting?
What is growth accounting?
What is development accounting?
Why is measuring productivity more difficult than measuring output, physical capital, labor, and human capital?
Countries A and B have the same rates of investment, population growth, and depreciation.They also have the same levels of income per capita. Country A has a higher rate of growth than does Country
Recall the discussion of education externalities in Section 6.3. Can you think of an externality(positive or negative) associated with health?
In a certain country, everyone in the labor force in the year 2000 had 12 years of education. In 1900 everyone in the labor force had 2 years of education. What was the average annual growth in
Suppose that we are comparing two countries, i and j, that are similar in every respect except the education of their population. In Country i, all adults have 10 years of schooling. In Country j,
The highest levels of education among the adult(age 25 and over) population in the United States in 2010 were no schooling, 0.4%; partial primary, 0.8%; complete primary, 1.9%; incomplete secondary,

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